Federal Home Loan Bank of Seattle Inactive 10-K2014 FY Annual report

Filed: 11 Mar 15, 12:00am

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EXHIBIT 12.1

Computation of Earnings to Fixed Charges

The following table presents the ratio of our earnings to our fixed charges for the five years ended December 31, 2014.



	For the Years Ended December 31,
Computation of Earnings to Fixed Charges	2014		2013		2012		2011		2010
(in thousands, except ratios)
Earnings:
Income before assessments	$	67,066	$	68,373	$	78,655	$	99,063	$	32,432
Fixed charges	130,692		145,362		194,248		270,084		398,091
Earnings available for fixed charges	$	197,758	$	213,735	$	272,903	$	369,147	$	430,523
Fixed Charges:
Interest expense	130,037		144,473		193,343		269,142		397,256
Interest portion of rental expense⁽¹⁾	655		889		905		942		835
Fixed charges	$	130,692	$	145,362	$	194,248	$	270,084	$	398,091
Ratio of earnings to fixed charges	1.51		1.47		1.40		1.37		1.08



(1)	The interest portion of rental expense represents approximately 1/3 of annual net rental expense and does not include $249,000, $648,000, $837,000, and $442,000 in recoveries in 2013, 2012, 2011, and 2010 of our lease abandonment costs due to adjustments in projected future rental rates.